In the Indian transportation industry, trucks are dominant amidst road transport. A good proportion of inland freight volume gets transported through trucks only. For transporters who own a fleet of small and big trucks, it is very important to keep a check on the revenue generated. After all, they do not want to continue running their business in loss.
If you are also a transporter and are facing difficulties in maintaining the profits related to your business, here are few things you can do -
1. Measure the Key Performance Indicators (KPIs)
A lot of small and medium scale transporters in India follow the traditional ways of doing the business, without measuring the key performance indicators. These include the cost of resource employed, insurance, repairing asset wear and tear, running expense etc. By measuring these KPIs, you will get to better understand how to improve your business productivity and earn more.
2. Register at an Online Marketplace for Transporters
It can happen that your trucks are standing idle, with no goods available to be transported. If you see it in terms of ROI, you may face losses. For better returns, you can get yourself registered at online marketplaces for transporters. You may even find mobile application backed by these marketplaces. This way, business owners can book or hire a truck online and pay you for the services you offer.
3. Focus on Per-Truck Revenue
One way to improve your profitability is to make sure each one of your trucks are getting fully loaded with goods. If you do not have enough goods from one client, you can consolidate packages from different clients together and follow a route to deliver them all in the round trip. This will reduce the running cost, while also giving you higher profits.
As a transporter, you need to understand that you won’t be able to run your business in loss. So, work upon improving your business productivity by doing these few important things.
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